As of 2025, I've got over 10 years of researching companies. In total, throughout my investing life, I estimate that I researched (in depth) well over 1000 companies, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many emerging market stocks, which I believe could help me provide useful content for readers. After writing my own blog for about 3 years, I decided to switch to a value investing-focused YouTube channel, where I researched hundreds of different companies ...

Property Portfolio - As of September 30, 2025, the company owns 98 properties, including 61 industrial properties, with an occupancy rate of approximately 98.2%[117] - The company's 2026 base rent is approximately $77.4 million, with industrial properties contributing $61.5 million (79.6%) and retail properties contributing $11.9 million (15.4%) to this total[124][125] - Scheduled lease expirations indicate that 27 leases (17.5% of 2026 base rent) will expire in 2027, with a total base rent of $13.6 million[126] - The company acquired a 210,600 square foot industrial property for $24.0 million, with expected quarterly rental income of $405,000 starting October 1, 2025[129] - The company acquired a 397,440 square foot industrial property in Sewickley, Pennsylvania for $53.5 million, anticipating annual base rent of approximately $3.4 million with increases of 2.0% to 3.0%[135] - A 199,919 square foot industrial property in Oakdale, Minnesota was acquired for $23.0 million, with expected annual base rent of approximately $1.5 million and a 4.0% annual increase[136] Financial Performance - Total revenues for the three months ended September 30, 2025, increased by 7.0% to $23.8 million compared to $22.2 million in 2024, and for the nine months, revenues increased by 8.7% to $72.5 million from $66.7 million[138] - Net rental income for the three months ended September 30, 2025, was $23.8 million, a 7.0% increase from $22.2 million in 2024, while for the nine months, it was $66.5 million, up 9.0% from $72.4 million[139] - Gain on sale of real estate for the three months ended September 30, 2025, was $9.1 million, a 328.9% increase from $2.1 million in 2024, and for the nine months, it was $16.7 million, up 47.3% from $11.3 million[151] - Other income for the three months ended September 30, 2025, decreased by 75.9% to $85,000 from $353,000 in 2024[154] Expenses and Impairments - Total operating expenses for the three months ended September 30, 2025, increased by 18.5% to $17.0 million from $14.3 million in 2024, and for the nine months, expenses rose by 10.8% to $48.4 million from $43.7 million[144] - The company recorded a $1.3 million impairment loss for the three and nine months ended September 30, 2025, compared to a $1.1 million impairment loss in the same period of 2024[149] - An impairment charge of $1.3 million was recorded for The Vue Apartments, which had not generated revenue since 2020, with expected net proceeds from its sale of approximately $16.4 million[134] Debt and Liquidity - The company had available liquidity of $109.4 million as of October 31, 2025, including $9.4 million in cash and cash equivalents[158] - The total principal amount of outstanding mortgages payable was $463.1 million as of September 30, 2025, secured by 61 properties[160] - The company anticipates an increase in mortgage interest expense as it refinances maturing mortgages, with current rates generally higher than the existing weighted average rate of 3.78%[155] - The credit facility allows borrowing up to $100.0 million, with a maturity date of December 31, 2026, and an interest rate of 6.03% as of September 30, 2025[166] Funds from Operations - Funds from operations (FFO) are computed in accordance with NAREIT guidelines, excluding depreciation and amortization related to real estate[170] - Adjusted funds from operations (AFFO) are calculated by adjusting FFO for various items, reflecting the company's operational performance[171] - FFO for the three months ended September 30, 2025 decreased by $136,000, or 1.5%, compared to the same period in 2024, primarily offset by a $1.6 million increase in rental income, net[177] - AFFO for the three months ended September 30, 2025 increased by $173,000, or 1.7%, due to a $180,000 increase in rental income, net, and a $151,000 decrease in general and administrative expenses[178] - FFO for the nine months ended September 30, 2025 increased by $327,000, or 1.2%, compared to the same period in 2024[180] - AFFO for the nine months ended September 30, 2025 increased by $865,000, or 2.9%, primarily due to a $354,000 decrease in general and administrative expenses[180] Risks and Strategy - The company faces risks including tenant defaults, economic conditions, and interest rate volatility, which could impact cash flow and profitability[112][115] - The company maintains a strategy to diversify its property portfolio and minimize exposure to interest rate fluctuations through fixed-rate mortgage debt[119] Acquisitions and Sales - During the three months ended September 30, 2025, the company sold properties for a total gross sales price of $18.8 million, resulting in a gain of $9.1 million[130] - The company anticipates selling a retail property in Port Clinton, Ohio for $1.3 million, expecting net proceeds of approximately $500,000 after mortgage repayment[133] - The company expects to close the acquisition of the Pittsburgh Portfolio during the three months ending December 31, 2025[135] - The annual base rent from acquisitions in 2025 was $8.5 million, reflecting a 1,044.0% increase from $739,000 in 2024[139]

– Approximately 80% of Annual Base Rent from Industrial Properties at Quarter End –– Acquired Industrial Property for $23M and Agreed to Acquire Six Building Industrial Portfolio for $53.5M After Quarter End –– Completed Sale of Non-Core Asset for Net Proceeds of $17.7M After Quarter End – GREAT NECK, N.Y., Nov. 06, 2025 (GLOBE NEWSWIRE) -- One Liberty Properties, Inc. (NYSE: OLP), a real estate investment trust focused on the ownership of industrial properties, today announced operating results for the qua ...

Financial Performance - Net income attributable to One Liberty Properties increased by 102.4% year-over-year to $10.5 million, or $0.48 per diluted share[5]. - Total revenues for the three months ended September 30, 2025, increased to $23,771,000, up 7.0% from $22,211,000 in the same period of 2024[27]. - Operating income for the nine months ended September 30, 2025, rose to $40,837,000, a 18.5% increase compared to $34,403,000 in 2024[27]. - Net income attributable to One Liberty Properties, Inc. for the three months ended September 30, 2025, was $10,478,000, representing a 102.4% increase from $5,177,000 in 2024[27]. - Funds from operations (FFO) for the three months ended September 30, 2025, was $9,057,000, slightly down by 1.5% from $9,193,000 in 2024[29]. - Adjusted funds from operations (AFFO) for the nine months ended September 30, 2025, increased to $31,203,000, compared to $30,338,000 in 2024, reflecting a growth of 2.9%[29]. - Net income per share attributable to common stockholders (diluted) for the three months ended September 30, 2025, was $0.48, up from $0.23 in 2024[27]. - Gain on sale of real estate for the three months ended September 30, 2025, was $9,071,000, significantly higher than $2,115,000 in the same period of 2024[27]. - Total operating expenses for the nine months ended September 30, 2025, were $48,361,000, an increase of 10.5% from $43,651,000 in 2024[27]. - Impairment loss recorded for the three months ended September 30, 2025, was $1,300,000, compared to no impairment loss in the same period of 2024[27]. Portfolio and Acquisitions - Approximately 80% of the portfolio's Annual Base Rent (ABR) is generated from industrial properties as of quarter end[6]. - The company completed $189 million in acquisitions in 2025, including a $23 million industrial property and a $53.5 million six-building industrial portfolio[3][6]. - The sale of four non-core properties during the quarter generated $16.3 million in net proceeds and a $9.1 million gain[6][12]. - The company anticipates annual base rent from the recently acquired properties to be approximately $4.9 million, with annual increases ranging from 2% to 4%[14][16]. Liquidity and Capital Structure - Total assets increased to $802.3 million, with total debt at $458.7 million and total stockholders' equity at $305.6 million as of September 30, 2025[10][25]. - The company had approximately $109.4 million in available liquidity as of October 31, 2025, including $9.4 million in cash and cash equivalents[10]. - The weighted average number of shares of common stock outstanding increased by approximately 214,000 due to stock issuances related to equity incentive and dividend reinvestment programs[9]. - The weighted average number of diluted common shares outstanding for the three months ended September 30, 2025, was 20,946,000, compared to 20,753,000 in 2024[27].

Core Insights - One Liberty Properties Inc. is a real estate investment trust (REIT) focused on managing a diverse portfolio of commercial properties, primarily in the industrial and retail sectors across the U.S. [1] Financial Performance - The company is set to report its Q3 2025 earnings on November 11, with Wall Street analysts predicting an EPS of $0.32, a decrease from $0.46 in the same period last year [2] - Quarterly revenue is expected to reach $24.18 million, an increase from $22.21 million a year earlier [2] - In Q2 2025, One Liberty Properties reported FFO of $0.49, surpassing the consensus estimate of $0.46, while revenues of $24.48 million fell short of the consensus of $25.10 million [4] Dividend Information - The stock has a dividend yield of 8.89%, with the company paying $1.79 per share in dividends over the last 12 months [3] - To generate an income of $100 per month from dividends, an investment of approximately $13,498 is required, based on the current stock price of $20.16 [6][7] Strategic Focus - The CEO highlighted the positive impact of transitioning the portfolio towards primarily industrial properties, indicating a commitment to enhancing cash flow stability and uncovering growth opportunities [5]

Core Viewpoint - One Liberty Properties, Inc. has declared a quarterly dividend of $0.45 per share, marking its 131st consecutive quarterly dividend and demonstrating a commitment to maintaining or increasing dividends for over 31 years [1]. Company Overview - One Liberty Properties, Inc. is a self-administered and self-managed real estate investment trust (REIT) incorporated in Maryland in 1982 [2]. - The company focuses on acquiring, owning, and managing a geographically diversified portfolio, primarily consisting of industrial properties [2]. - Additional financial and operational information can be found on the company's website, and stakeholders are encouraged to review its Annual Report on Form 10-K and other SEC filings for more details [2].

Group 1 - The analyst has over 10 years of experience researching more than 1000 companies across various sectors including commodities and technology [1] - The focus has shifted from writing a blog to creating a value investing-focused YouTube channel, where hundreds of companies have been researched [1] - The analyst expresses a particular interest in metals and mining stocks, while also being comfortable with other industries such as consumer discretionary, REITs, and utilities [1]

Core Viewpoint - One Liberty Properties (OLP) reported its Q2 2025 financial results, showing revenue growth but missing consensus estimates, with a focus on industrial properties and a strategic shift towards reducing retail exposure [1][2][4]. Financial Performance - Revenue (GAAP) for Q2 2025 was $24.479 million, up 12.3% year-over-year but missed estimates by 2.08% [1][2]. - Funds from Operations (FFO) increased 4.7% to $0.45 per share, while Adjusted Funds from Operations rose 2.1% to $0.49 per share [5][2]. - Net income (GAAP) decreased to $8.4 million, down 12.5% from the previous year [2][7]. Business Model and Strategy - The company focuses on long-term net leases in the industrial sector, managing 105 properties with 74% of base rent from industrial assets [3][4]. - Recent strategy includes selling non-industrial assets and acquiring industrial properties with long-term leases featuring annual rent increases [4][8]. Rental Income and Asset Management - Rental income increased to $24.5 million, driven by acquisitions and lease activity, with many leases tied to inflation measures [6][8]. - The company reported lower gains on asset sales at $6.5 million compared to $7.4 million in Q2 2024, impacting net income [7]. Acquisitions and Future Outlook - OLP agreed to acquire a 210,600 square foot industrial facility in South Carolina for $24 million, with expected annual rent of $1.5 million and 3.5% annual increases [8][11]. - Year-to-date acquisitions exceeded $112 million, further shifting the portfolio towards industrial assets [8][10]. - Management anticipates recognizing gains from upcoming asset sales, which could enhance future net income [11][12]. Operational Metrics - The occupancy rate was reported at 99.2%, with key tenants including FedEx and Amazon, reducing risk associated with single leases [10]. - The company has a $100 million undrawn credit facility available, but rising interest expenses from recent mortgage debt could pressure margins [12].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q For the quarterly period ended June 30, 2025 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 001-09279 ONE LIBERTY PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. employer incorporation or organization) identification number) MARYLAND 13-3147497 60 Cutter Mill Road, Great Neck, Ne ...

[Executive Summary & Company Highlights](index=1&type=section&id=1.%20Executive%20Summary%20%26%20Company%20Highlights) One Liberty Properties reported Q2 2025 results, highlighting a significant industrial acquisition, retail asset sales, and positive portfolio transformation [Press Release Headline](index=1&type=section&id=1.1%20Press%20Release%20Headline) One Liberty Properties reported its Second Quarter 2025 results, highlighting a significant acquisition agreement for an industrial property and the successful sale of three retail assets - Entered agreement to acquire an industrial property for **$24.0 million**, bringing 2025 acquisitions to over **$112 million**[2](index=2&type=chunk) - Completed the sale of three retail assets for a **$6.5 million** gain[2](index=2&type=chunk) [CEO Statement](index=1&type=section&id=1.2%20CEO%20Statement) The CEO expressed satisfaction with the positive contribution of the portfolio's transformation towards industrial properties, emphasizing strong cash flow stability and the ongoing focus on accretive growth and stockholder value - The transformation of the portfolio to primarily industrial properties **positively contributed to results**[4](index=4&type=chunk) - The company is **advancing its transition** toward a **more pure-play industrial portfolio** through new acquisitions and non-industrial asset sales[4](index=4&type=chunk) - The portfolio continues to demonstrate **strong cash flow stability**, with a focus on **accretive growth** and **unlocking additional value for stockholders**[4](index=4&type=chunk) [Financial Performance Overview](index=1&type=section&id=2.%20Financial%20Performance%20Overview) The company reported increased rental income and operating expenses in Q2 2025, with mixed results in net income, FFO, and AFFO per share [Operating Results](index=1&type=section&id=2.1%20Operating%20Results) One Liberty Properties reported a **12.3%** year-over-year increase in rental income for Q2 2025, primarily driven by acquisitions and dispositions, alongside modest same-store growth. Total operating expenses also increased due to higher real estate expenses and depreciation [Rental Income](index=1&type=section&id=2.1.1%20Rental%20Income) Rental Income Summary | Metric | Q2 2025 | Q2 2024 | YoY Change | Drivers | | :----- | :------ | :------ | :--------- | :------ | | Rental Income | $24.5 million | N/A | +12.3% | Net impact of acquisitions and dispositions in 2025 and 2024, increase in same store rental income from tenant reimbursements, lease amendments/extensions and new lease activity | [Operating Expenses](index=1&type=section&id=2.1.2%20Operating%20Expenses) Operating Expenses Summary | Metric | Q2 2025 | Q2 2024 | YoY Change | | :----- | :------ | :------ | :--------- | | Total Operating Expenses | $15.7 million | $14.9 million | +$0.8 million | | Real Estate Expenses | Higher | N/A | N/A | | Depreciation and Amortization | Increased | N/A | N/A | | Impairment (2024) | — | $1.1 million | N/A | - The increase in operating expenses **primarily reflects higher real estate expenses** (much of which is rebilled to tenants) and **increased depreciation and amortization expense** due to properties acquired in 2024 and 2025[6](index=6&type=chunk) [Other Income and Expenses](index=1&type=section&id=2.2%20Other%20Income%20and%20Expenses) Net expenses in the second quarter of 2025 increased to **$5.9 million** from **$4.7 million** in the prior year, primarily due to higher interest expense resulting from an increased weighted average principal balance of debt and higher interest rates Net Expenses Summary | Metric | Q2 2025 | Q2 2024 | YoY Change | | :----- | :------ | :------ | :--------- | | Net Expenses | $5.9 million | $4.7 million | +$1.2 million | | Primary Driver | Higher interest expense | N/A | N/A | [Net Income, FFO and AFFO](index=1&type=section&id=2.3%20Net%20Income%2C%20FFO%20and%20AFFO) Net income attributable to One Liberty decreased in Q2 2025 compared to Q2 2024, despite a **$6.5 million** gain on asset sales. However, Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) per diluted share both saw growth, driven by higher rental income offset by increased expenses. Diluted per share metrics were negatively impacted by an increase in weighted average common shares outstanding Net Income Attributable to OLP | Metric | Q2 2025 | Q2 2024 | YoY Change | | :----- | :------ | :------ | :--------- | | Net Income Attributable to OLP | $8.4 million | $9.6 million | -$1.2 million | | Net Income Per Diluted Share | $0.39 | $0.45 | -$0.06 | | Gain on Sale of Assets (Q2 2025) | $6.5 million ($0.30/share) | N/A | N/A | | Gain on Sale of Assets (Q2 2024) | N/A | $7.4 million ($0.35/share) | N/A | FFO and AFFO Summary | Metric | Q2 2025 | Q2 2024 | YoY Growth (per share) | | :----- | :------ | :------ | :--------------------- | | FFO | $9.7 million | $9.2 million | +4.7% ($0.45 vs $0.43) | | AFFO | $10.6 million | $10.2 million | +2.1% ($0.49 vs $0.48) | | Drivers | Higher rental income, offset by increases in interest expense and real estate operating expenses | N/A | N/A | - Diluted per share net income, FFO, and AFFO were **negatively impacted** by an average increase of approximately **292,000** in weighted average common shares outstanding due to stock issuances from equity incentive and dividend reinvestment programs[10](index=10&type=chunk) [Portfolio Activities](index=2&type=section&id=3.%20Portfolio%20Activities) One Liberty Properties expanded its industrial portfolio with a new acquisition and strategically divested three retail assets in Q2 2025 [Acquisitions](index=2&type=section&id=3.1%20Acquisitions) During Q2 2025, One Liberty Properties entered into an agreement to acquire a new industrial property in South Carolina for **$24.0 million**, further expanding its industrial portfolio Property Acquisition Details | Property Detail | Value | | :-------------- | :---- | | Type | Single-tenant industrial property | | Location | Blythewood, South Carolina | | Size | 210,600 square feet | | Purchase Price | $24.0 million | | Anticipated Mortgage Debt | ~$14.0 million (5.77% interest-only, maturing 2030) | | Expected Annual Base Rent | ~$1.5 million (with 3.5% annual increases) | | Expected Closing | By end of Q3 2025 | [Dispositions](index=2&type=section&id=3.2%20Dispositions) The company completed the sale of three retail assets, including a joint venture property, generating a net gain of **$6.5 million** and net proceeds of **$18.3 million** after debt repayment, aligning with its strategy to transition to an industrial-focused portfolio - Sold three retail assets, including a multi-tenant retail shopping center owned by a consolidated joint venture (**90%** interest)[12](index=12&type=chunk) Disposition Metrics | Metric | Value | | :----- | :---- | | Net Gain on Sale | $6.5 million (before minority interest's $972,000 share) | | Net Proceeds to Company | $18.3 million (after repayment of $5.8 million in mortgage debt) | [Financial Position](index=2&type=section&id=4.%20Financial%20Position) As of June 30, 2025, the company maintained a solid financial position with total assets of **$795.6 million** and **$115.5 million** in available liquidity [Balance Sheet Highlights](index=2&type=section&id=4.1%20Balance%20Sheet%20Highlights) As of June 30, 2025, One Liberty Properties maintained a solid financial position with total assets of **$795.6 million** and total stockholders' equity of **$303.4 million** Balance Sheet Summary | Metric (as of June 30, 2025) | Amount | | :---------------------------- | :----- | | Cash and Cash Equivalents | $19.0 million | | Total Assets | $795.6 million | | Total Debt | $455.0 million | | Total Stockholders' Equity | $303.4 million | [Available Liquidity](index=2&type=section&id=4.2%20Available%20Liquidity) As of August 1, 2025, the company reported approximately **$115.5 million** in available liquidity, comprising cash and credit facility availability Available Liquidity Summary | Metric (as of August 1, 2025) | Amount | | :---------------------------- | :----- | | Total Available Liquidity | ~$115.5 million | | Cash and Cash Equivalents | $15.5 million (including $3.0 million required deposit) | | Available under Credit Facility | $100 million | [Subsequent Events](index=2&type=section&id=5.%20Subsequent%20Events) Post-quarter end, One Liberty Properties completed two additional property sales, anticipating further gains in Q3 2025 [Subsequent Property Sales](index=2&type=section&id=5.1%20Subsequent%20Property%20Sales) Following the quarter end, One Liberty Properties completed two additional property sales, a land parcel and a retail property, anticipating further gains to be recognized in the third quarter of 2025 - On July 15, 2025, OLP sold a land parcel in Lakewood, Colorado for **$3